Never miss an update

Versace 19.69 19.69 V5390 Versace CAMOSCIO Brown TESTAMORO sneaker Men's Brown AU 2f3695f




Item specifics

Condition:
New with tags: A brand-new, unused, and unworn item in the original packaging (such as the original box or bag) ... Read moreabout the condition
Brand: Versace 19.69 Abbigliamento Sportivo
Season: Continuous Colour: Brown
Shoe Type: Sneaker Country/Region of Manufacture: Italy
Size Type: Regular Gender: Men's
Sole: 100% RUBBER Material: 100% suede leather
Style: Sneaker Model: V5390 CAMOSCIO TESTAMORO
Theme: See description MPN: V5390 CAMOSCIO TESTAMORO
Never miss an update

Versace 19.69 19.69 V5390 Versace CAMOSCIO Brown TESTAMORO sneaker Men's Brown AU 2f3695f - blurrypron.com

    Versace 19.69 19.69 V5390 Versace CAMOSCIO Brown TESTAMORO sneaker Men's Brown AU 2f3695f
    Versace 19.69 19.69 V5390 Versace CAMOSCIO Brown TESTAMORO sneaker Men's Brown AU 2f3695f
    New Balance NB MCOASAP2 D 2016 Lightweight Lifestyle Running Shoes White/BlackMens Reebok Z quick Light Running Trainer - V60323 - Yellow Trainers , Adidas SWIFT RUN CG4110 Black mod. CG4110New Balance NB MCOASHB3 2E 2017 Lightweight Lifestyle Running Shoes Black/WhiteReebok Fusium Run Lightweight Training Running Shoes Black/Coal/White CN2431 , Bayliss Lacoste Shoes Fashion Red Men New , Jamyson Steve Madden Shoes Leather Brown Men New[bargain] Asics Piranha SP 5 Mens Running Shoe (D) (0793) | NEW! , NIKE DOWNSHIFTER 6 WHITE BLUE MENS RUNNING SHOES US 14 ** FREE POST AUSTRALIAMizuno Sport Style Synchro MX 2 Black Grey Men Running Shoes Sneaker J1GE17-1949 , Merrell 1Six8 Mesh Blue Grey Men Outdoors Casual Shoes Sneakers Trainers ML91353Nike Lunarstelos Mens Running Shoe (D) (001) + Free AUS Delivery! , Puma BMW Men's Sneakers Shoes Motorsport Trainers Sport Shoes Top NewConverse Chuck Taylor ONE STAR LO PRO HI Sneakers trainers Men's Women's ShoesMENS PUMA BLAZE IGNITE MEN'S SUEDE RUNNING/SNEAKERS/TRAINING/TRAINERS SHOES , Reebok Fusium Run Navy White Black Men Running Training Shoes Sneakers CN2926 , Saucony Guide 8 Men's Runner (S202562) WAS $199.95 , Reebok Zoku Runner SC White Men Running Shoes Sneakers Trainers BS9686**Special** Brooks Liberty 8 Mens Running Shoes (D) (033) + Free Aus DeliveryNike Run Swift Grey Team Red Mens Running Shoes Athletic Trainer 908989-012ASICS MAN SPORTS SNEAKER SHOES SYNTHETIC AND SUEDE CODE GEL-LYTE III H5U3L , Nike Hyperchase PRM EP Basketball Shoes Black/Metallic Silver-White 806797-001 , MENS SALOMON VESPERA CS WP MEN'S RUNNING/SNEAKER/FITNESS/TRAINING/WALKING SHOESADIDAS ORIGINALS SUPERSTAR MEN's WOMEN's Sneaker C77124 White Low Shoes Leder , Nike Air Vrtx '17 Vortex Black White Dark Grey 2017 Men's Running DS 876135-001 , Asics Gel Cumulus 20 Mens Running Trainers US 11.5 CM 29 163 , ASICS MAN VOLLEY RUNNING SPORTS SNEAKER SHOES CODE B403N GEL-BEYOND 4 MTNike Air Zoom Elite 9 Lightweight Running Shoes Black/White-Stealth 863769-001Adidas Originals X_PLR [CQ2407] Men Casual Shoes Navy/White
    Versace 19.69 19.69 V5390 Versace CAMOSCIO Brown TESTAMORO sneaker Men's Brown AU 2f3695f - blurrypron.com>Versace 19.69 19.69 V5390 Versace CAMOSCIO Brown TESTAMORO sneaker Men's Brown AU 2f3695f - blurrypron.com
    Dingo Women's Western Cowboy Leather Boots DI 566 Chestnut , Dragon Diffusion SLIPPER LAVENDER ANT WHITE ballerina shoes Women's Lilac AUMiss Sixty Yvonne Boots Boat Shoes Boots Boots Miss7 Size 37Mephisto Alison Ballet Flats Sz 8 Leopard Print Suede & Black Patent Toe Cap NEW , J&M DAVIDSON Shoes 805020 Black 37MICHEAL KORS Gold Tan Leather Strapy Gladiator Buckle High Heel Sandals 8M SpainCalvin Klein Bayana Lux Lizzard Nappa Grey Storm Pointed Ankle Strap Pumps 6.5 MTaryn by Taryn Rose Kathleen Wedge 7.5 M Navy Blue Reptile Embossed Leather$250 CYNTHIA VINCENT JADEN Gun Metal Black Designer Platform Wedge Sandals 6 , SUPER GORGEOUS !!! FRANCESCO SACCO SKIN COLOR & GOLD CRYSTAL SANDALS US 9 , Spring Step Women's Tunisia Gladiator Sandal Brown Size 6.0WOMEN'S NIKE ZOOM VOMERO11 RUNNING SHOES SZ 9 M $130 RETAILMan/Woman Pleaser Women's Delight 677 Tan Polyurethane/Tan Many styles modern Cheap orderGentleman/Lady Nike Lebron 9 Galaxy Size 9.5 Fashion pattern Let our products go to the world businessAdidas Mana Bounce 2 M Aramis [B39020] Running Blue/Black , Nike Air Jordan Trainer ST Premium Ale Brown Men's Shoes NIB 843732-205 Size 12 , Air Max 1 PATCH V SP (Black) Size 5 Men-6.5 Women , Nike Air Max Goadome Mens 865031-009 Black Leather Acg Waterproof Boots Size 13NIB JOHN VARVATOS COLLECTION black leather boots US size 8.5 - EURO size 41.5 , 2019 Occident Fashion High Top Board Shoes Ankle Boots Hot Winter Runway Cz9SPERRY TOP-SIDER STRIPER CVO CHAMBRAY CANVAS SNEAKERS SHOES BLACK Sz 8M - NIBMen Rivet Metal Sequin Glitter Punk Party Nightclub Sneakers Board Street Shoes , LKNW Burgundy ALLEN EDMONDS Georgetown Penny Loafers USA Size 11.5 D , Stacy Adams Men's RICO Plain toe oxford Black Leather Shoes 25083-001NEW SANTONI Leather Dress Shoes Boots Size Eu 41.5 Us 8.5 (NE22) , ASICS GEL-Nimbus 19 Running Shoe - Women's Size 9 D, BlueNew Balance Fresh Foam Vongo V3 Women's Black/White VNGOBK3BWomen's Nike Air Zoom Pegasus 35 Rust Pink/Tropical Pink/Guava Ice 942855 603Asics Gel Kayano 23 Womens Shoes Silver/Pink Glow/Parachute Purple t696n-9320 , NIKE KD 9 IX ID KEVIN DURANT MULTI-COLOR/COOL GREY-ROYAL SZ WOMEN 9 [883980-985]
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Versace 19.69 19.69 V5390 Versace CAMOSCIO Brown TESTAMORO sneaker Men's Brown AU 2f3695f - blurrypron.com

    There’s no doubt that the last 2 years has seen the coming of age of ETFs. With what was once an unknown type of investment quickly becoming a $30b industry in Australia ($3 trillion globally). However, as ETFs have moved from the unknown to the flavour of the month, an increasing number of commentators have called on the risks ETF investors face, with some even stating that ETFs will be the source of the next market crash. Today we take a look at some of the claims as to why some believe there are so many risks associated with ETFs.

    Claim 1: ETFS are blindly pushing up stock prices

    Many have written about share markets being at record highs. In an interview with the AFR, Wilson Asset Management chief Geoff Wilson discussed his portfolios’ current high weightings to cash due to concerns of market over-valuations. 

    US based fund manager FPA capital called ETFs “Weapons of Mass Destruction”and stated “The flood of money into passive products is making stock prices move in lockstep and creating markets increasingly divorced from underlying fundamentals”. The argument they make is as ETFs blindly invest in stocks in their chosen index and ignore the underlying fundamentals of these companies. This causes these companies prices to be bid up to prices that do not support their fundamentals (ie a bubble), and eventually history repeats, the bubble bursts and markets crash.

    What do we think?

    ETFs account for around 10% of US stocks’ market value and less than 1% in Australia. In the US at least this is not an immaterial amount. However, the active managers whom ETFs have taken business from generally have mandates which force them to invest a certain percentage in the market. As a result, active managers have always been investing in expensive markets and pushing up prices. Additionally, what is currently called by many analysis as expensive equity markets could also be attributed to global record low interest rates rather than an uptick in passive investing. In saying that, since the last major market crash (the 2008 GFC), the proportion of total assets in ETFs are considerably higher and continual growth of passive investing must be considered as a possible cause of markets becoming expensive.

    Recently we’ve seen Vaneck reweight their huge Junior Gold Miner’s ETF as they approached 20% limits in some of their smaller holdings. This meant selling out of these small gold miners which saw large falls in some of these shares (some of which was blamed on hedge funds looking to capitalise on the opportunity). This is a great example of the influence that ETFs can have, albeit this is at the small end of the market.

    Claim 2: ETFs will sell on mass and compound market falls

    One of the known weaknesses of a managed fund structure is the ability for investors to fairly easily redeem their funds, meaning at times of market falls, when a fund manager may find the best investment opportunities, the investors in the fund are panicking and redeeming their investments, meaning the fund manager becomes a forced seller rather than a buyer. This was one of the reasons Forager decided to turn their Australian Share Fund (FOR) into a Listed Investment Trust, where the pool of capital for them to invest was guaranteed.

    The one thing stopping simple redemption of managed funds during market crashes is another one of its weaknesses, which is managed funds are not simple to trade, and require the investor to apply to the fund to redeem units. This can involve filling out paper forms, and an apathetic investor may simply not be bothered.

    What do we think?

    One of the greatest advantages of ETFs is also one of its weaknesses when it comes to the above, with ETFs able to be traded on the ASX, a panicked investor simply has to log into their online brokerage account and hit the sell button. If a buyer does not exist on the other side of the trade, the ETF issuer is forced to then sell the underlying holdings which could very well begin a contagion effect.

    However, we come back to the size of the ETF market, at around 1% of the Australian market and 10% of the US market. Investors selling underlying stocks that they own through their broker will have the exact same impact as the reasonably small proportion of ETFs. We believe the actual impact of this event would be not materially higher than what currently exists.

    Claim 3: ETFS with low liquidity will be hard to sell if markets fall

    Peter Switzer recently spoke about a client who had received advice that an ETF with low liquidity would be difficult to sell if markets fall. The argument being that without a liquid market the seller would be unable to find a buyer on the other side of the trade and would need to sell at a significant discount.

    What do we think?

    One of the somewhat unknown components of ETFs is the role of the market maker. Essentially the market maker’s role is to provide liquidity to an ETF, so that if there is not an existing ETF unit on the other side of an ETF trade, the market maker must create an ETF unit for a buyer, or absorb an ETF unit for a seller. It is then the ETF issuer's role to buy or sell the underlying assets that the ETF holds. This means that regardless of an ETF’s liquidity, a market maker will always exist to buy an ETF off an investor even if the markets in free fall.

    However, there is a caveat to the above. Market makers make a profit by charging a spread between the buy price and the sell price of an ETF. The spread becomes the market maker’s profit margin. In a free falling market it may be difficult for the market maker to price the underlying investments forcing them to create a huge spread between the buy and sell price to protect their margins. This was seen in the 2015 Dow Jones ‘Flash Crash’, where some ETFs dropped 30% when the market makers were unable to price the underlying securities.

    Versace 19.69 19.69 V5390 Versace CAMOSCIO Brown TESTAMORO sneaker Men's Brown AU 2f3695f - blurrypron.com

    Finally, an ETF is only ever as liquid as its underlying holdings. ETFs which invest in illiquid investments may have great liquidity, but if the underlying investments do not, this will likely be reflected in falls in both the underlying holdings and the ETF during market falls. This may be more likely to play out at the small cap end of the sharemarket and within unlisted asset classes.

    Claim 4: ‘Exotic’ ETFs are higher risk

    In a recent RBA publication, economist Michelle Cunningham discussed the risks faced with some of the more exotic ETFs, those that are classed as ‘synthetic’ ETFs, meaning the ETF issuer does not hold the underlying investments, rather they rely on a counterparty to pay the return. These ETFs are generally referred to as ‘Synthetic’ or ‘Hedge fund’ in their title. Cunningham raised the risk that the counterparty may default on their obligation, so an additional level of risk exists for the investor.

    What do we think?

    We agree with Cunningham’s analysis, an additional level of risk certainly exists with these ETF structures, however in many cases this is the only way to access to investment strategy that the ETF provides. Nevertheless, investors should be aware of the additional risks that exist.

    Conclusion

    There’s plenty of arguments in both camps about ETFs role in future market crashes. There’s no doubt the world has moved into uncharted territory with the rise of passive investing & ETFs in particular. We do believe, however, that some of the risks are overblow. Nevertheless, investors should be aware of these risks in order to make informed investing decisions. What do you think?

     

    Previous Article

    2017 Financial Year ETF and LIC Performance Table

    Next Article

    New Fixed Interest ETFs expand options for investors

    Leave a Reply
    Find a Fund
    Versace 19.69 19.69 V5390 Versace CAMOSCIO Brown TESTAMORO sneaker Men's Brown AU 2f3695f
    Athletic Shoes
    >
    ;